In a major boost to American manufacturing, U.S. President Donald Trump announced on Monday that Hyundai will invest $5.8 billion in the country, including the construction of a new steel plant in Louisiana. The facility is expected to produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs.
Speaking at an official White House briefing alongside the Governor of Louisiana, Trump praised the investment as a testament to the strength of the U.S. economy.
“Hyundai, one of the largest companies in the world, is making a major commitment to American manufacturing,” Trump stated. “This new steel plant will not only create jobs but also support Hyundai’s auto manufacturing facilities in Alabama and Georgia, which will soon produce over 1 million American-made cars every year.”
The President credited his administration’s trade policies, particularly tariffs, for encouraging such investments. “This is proof that tariffs work,” Trump said. “By manufacturing steel and automobiles in the U.S., Hyundai avoids tariffs, making it more competitive.”
Hyundai’s investment is part of a larger $21 billion commitment to the U.S., which also includes expansion in auto manufacturing and technology investments. Trump pointed to similar trends, citing Taiwan’s $200 billion investment in semiconductor production.
With the Louisiana steel mill marking Hyundai’s first in the U.S., Trump described the move as another milestone in America’s manufacturing resurgence.
